How much would you pay for an unpopular browser? If you were a group of Chinese companies you’d probably think somewhere in the region of, oooh, $1.2 billion ought to do it.
The Financial Times reports that the Norwegian browser company has received an offer of $1.2 billion for its takeover. The potential deal is being led by Kunlun Tech (a gaming company) and Qihoo 360 (which makes anti-virus and browser software). The bid’s supported by two investment firms, too.
The offer seems a little high. In fact, compared to its stock prices before rumors of the deal began to swirl, the offer seems to overvalue it by 53 percent. Perhaps unsurprisingly, Re/code reports that Opera’s board is “unanimously recommending shareholders [to] approve the takeover,” with its CEO explaining:
There is strong strategic and industrial logic to the acquisition of Opera by the Consortium. We believe that the Consortium, with its breadth of expertise and strong market position in emerging markets, will be a strong owner of Opera. The Consortium’s ownership will strengthen Opera’s position to serve our users and partners with even greater innovation, and to accelerate our plans of expansion and growth.
No shit.
[FT, Re/code]
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